Market Insight
Tony Jordan
20 April 2023

Market Insights 20/04/2023


A bearish session yesterday with a small dip in prices across the board.

Germany passed a new law yesterday that pushes their transition away from oil and gas heating systems for households and instead all new installations to be at least 65% renewables fuelled from next year, a project expected to cost nearly €10bn Euros a year for the first five years.

Yesterday saw the TTF May contract settle at €40.30 (from €42.72) and the NBP May contract at 96.11p (from 101.92p).

Njord and Karsto on unplanned outage this morning and we see a flow level at 306mcm from Norway (306). Russian nominations showing Velke Kapusany at 36.9mcm (36.9) and Sudzha at 42.4mcm (41.7). Nord Stream remains unavailable.  Gas storage showing at 56.62% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 11.

This morning we see the May TTF contract at €40, NO CHANGE to the previous settlement. 

A quick check on some key contracts:
Curve TTF May €40, Winter €55 (vs €40 and €57)
Curve NBP May 96p, Winter 144p (vs 102p and 148p)
UK Gas NBP spot 92p (from 100p).
UK Power DA £103 (from £99).

UK power prices show the UK May Baseload contract at £103 (£103) and Winter at £154 (£157).

In other areas of the market Brent Oil is at $83 ($85) and EUAs are at €94 (€95). Henry Hub is at $2.22 ($2.37) and JKM is at $12.25 ($12.85) with TTF Equiv of $12.94 ($13.72  ).

Numbers in brackets show the previous reports value.